Recent Research

Recently Published Articles

Paul De Grauwe and Juemei Ji (2013): Seld-Fulfilling Crises in the Eurozone: An Emprical Test,  Journal of International Money and Finance. 34, p. 15-36.

Paul De Grauwe and Pablo Rovira Kaltwasser (2012): The Exchange Rate in Behavioral Framework,  in The Handbook of Exchange Rates. Jessica James, Ian Marsh and Lucio Sarno eds., Wiley.

Paul De Grauwe and Pablo Rovira Kaltwasser (2012): Animal spirits in the foreign exchange market,  Journal of Economic Dynamics and Control. In press.

Paul De Grauwe and Agnieszka Markiewicz (2012): Learning to forecast the exchange rate: Two competing approaches,  Journal of International Money and Finance. In press.

Paul De Grauwe (2012): Lessons from the Eurocrisis for East Asian Monetary Relations,  The World Economy.

Paul De Grauwe (2011): Barry Eichengreen's Exorbitant Privilege: A Review Essay,  International Finance, 14(3), 567–571.

Cláudia Costa Storti, Paul De Grauwe, Anna Sabadash and Linda Montanari (2012): Unemployment and drug treatment,  International Journal of Drug Policy, 22, 366– 373.

Paul De Grauwe (2012): Booms and busts in economic activity: A behavioral explanation,  Journal of Economic Behavior & Organization, forthcoming

Paul De Grauwe, Romain Houssa and Giulia Piccillo (2012): African trade dynamics: is China a different trading partner?,  Journal of Chinese Economic and Business Studies, 10(1), 15-45

Paul De Grauwe (2011): Managing a Fragile Eurozone,  CESifo Forum, 12(2), 40-45

Paul De Grauwe (2010): The Financial Crisis and the Future of the Eurozone, Bruges European Economic Policy Briefings, n.21

Paul De Grauwe (2010): Top-Down versus Bottom-Up Macroeconomics, CESifo Economic Studies, 56(4), 465-497

Paul De Grauwe (2010): Le risque systémique: repenser la finance, Revue d'economie financière, 100

Carlo Altavill and Paul De Grauwe (2010): Forecasting and combining competing models of exchange rate determination, Applied Economics, 42, 3455-3480

Paul De Grauwe (2010): The scientific foundation of dynamic stochastic general equilibrium (DSGE) models, Public Choice, 144, 413-443

Paul De Grauwe (2010): Animal spirits and monetary policy, Economic Theory, online first

Paul De Grauwe (2010): The Return of Keynes, International Finance, 13(1), 157-163

Carlo Altavilla and Paul De Grauwe (2010): Non-Linearities in the Relation Between the Exchange Rate and the Fundamentals, International Journal of Finance and Economics, 15, 1-21

Paul De Grauwe (2009): The Fragility of the Eurozone’s Institutions, Open Economies Review, 21 (1), pp.167-174

Paul De Grauwe and Seppo Honkapohja (2009): The Macroeconomy, in Vital Questions, the Contribution of European Social Science, European Science Foundation

Paul De Grauwe (2009): Lessons from the Banking Crisis: a Return to Narrow Banking, Journal for Insitutional Comparisons, 7(2)

Cláudia Costa Storti and Paul De Grauwe (2009): The cocaine and heroin markets in the era of globalisation and drug reduction policies, International Journal of Drug Policy, 20, pp 488-496

Paul De Grauwe and Wim Moesen (2009): Gains for All: A Proposal for a Common Euro Bond, Intereconomics, May/June

Beine, Michel, Paul De Grauwe and Marianna Grimaldi (2009): The impact of FX central bank intervention in a noise trading framework, Journal of Banking and Finance, 33, pp 1187-1195

Paul De Grauwe (2008): On the need to renovate the Eurozone, Book review of "The Birth of the Euro" by Ottmar Issing (Cambridge University Press), International Finance, 11(3),pp.327-333

De Grauwe, Paul (2008): The Euro at ten: achievements and challenges, Empirica, online first

Atavila, Carlo and Paul De Grauwe (2008): Forecasting and combining competing models of exchange rate determination, Applied Economics, iFirst, pp 1-26

De Grauwe, Paul and Günther Schnabl (2008): Exchange rate stability, inflation, and growth in (south) Eastern and Central Europe, Review of Develpoment Economics, 12(3),pp 530-549

Costa Storti, Cláudia and Paul De Grauwe (2008): Globalization and the Price Decline of Illicit Drugs, Interntational Journal of Drug Policy, 20, pp 48-61

De Grauwe, P. (2008): The Risks of being Chairman in the Age of Turbulence, International Finance, 11:1, pp 109-115.

De Grauwe, P. (2007): Quo Vadis Europe? Fortress or Land of Opportunities, Quarterly Economic Bulletin, 21-36.

De Grauwe, P. and Isabel Vansteenkiste (2007): Exchange Rates and Fundamentals: A Non-Linear Relationship?, International Journal of Finance and Economics, 12, pp 37-54.

 De Grauwe, P. (2006): Enlargement of the Euro Area, CESifo Forum, 4.

De Grauwe, P. (2006): Monetary and Economic Integration in the East Asian Region, The World Economy, 29, 12.

De Grauwe, P. and Marc-Alexandre Sénégas (2006): Monetary policy design and transmission asymmetry in EMU: Does uncertainty matter?, European Journal of Political Economy, 22, pp 787-808.

De Grauwe, P. (2006): Flaws in the Design of the Eurosystem?, International Finance, 9,1.

De Grauwe, P. (2006): What have we learnt about monetary integration since the Maastricht treaty?, Journal of Common Market Studies, 44:4, pp.711-730.

De Grauwe, P. (2006): Flaws in the design of the Eurosystem, International Finance, 9:1, pp.137-144.

De Grauwe, P. and M. Grimaldi (2006): Exchange Rate Puzzles: A tale of Switching Attractors, European Economic Review, 50, pp.1-33.

De Grauwe, P. and G. Schnabl (2005): Nominal Versus Real Convergence - EMU Entry Scenarios for the New Member States, Kyklos, 58 (4), pp.537-555.

De Grauwe, P. and M. Grimaldi (2005): The Exchange Rate and its Fundamentals in a Complex World, Review of International Economics, 13 (3), pp. 549-575.

De Grauwe, P. and M. Polan (2005): Is Inflation Always and Everywhere a Monetary Phenomenon? Scandinavian Journal of Economics, 107 (2), pp. 239-259.

De Grauwe, P. and M. Polan (2005): Globalization and Social Spending, Pacific Economic Review,  10 (1),  February, pp. 105-123.

De Grauwe, P. and M. Grimaldi (2005): Heterogeneity of agents, transactions costs and the exchange rate,  Journal of Economic Dynamics & Control,  29, pp.691-719.

De Grauwe, P. and G. P. Kouretas (2004): EMU: Current State and Future Prospects, Journal of Common Market Studies, 42 (4), November, pp. 679-689.

De Grauwe, P. and M.-A. Sénégas (2004): Asymmetries in Monetary Policy Transmission, Journal of Common Market Studies, 42 (4), November, pp. 757-775.

De Grauwe, P. and G. Schnabl (2004): EMU Entry Strategies for the New Member States, Intereconomics,  39 (5), September/October, pp.241-247.

Costa Storti C. and P. De Grauwe (2004): Electronic Money and the Optimal Size of Monetary Unions, in "Monetary Unions and Hard Pegs", ed. V. Alexander, J. Mélitz and G. L. von Fürstenberg, Oxford University Press.

De Grauwe, P. and F. Camerman (2003): Are Multinationals Really Bigger Than Nations?, World Economics, 4 (2), April-June, pp. 23-37.

De Grauwe, P. (2002): Central Banking: Art or Science?  Lessons from the Fed and the ECB,  International Finance.

Aksoy, Y., P. De Grauwe, and H. Dewachter (2002): Do Asymmetries Matter for European Monetary Policy? European Economic Review 46 (3) pp. 443-469.

De Grauwe, P. (2000): Exchange Rates in Search of Fundamentals: The Case of the Euro-Dollar Rate, International Finance, Volume 3, Issue 3, pp. 329-356.

De Grauwe, P. (2000): Monetary Policies in the Presence of Asymmetries, Journal of Common Market Studies, Volume 38, Issue 4, pp. 593-612.

De Grauwe, P. and F. Skudelny (2000): The Impact of EMU on Trade Flows, Review of World Economics, Welwirtschafliches Archiv, Volume 136, Issue 3, pp. 381-402.

 

Discussion Papers

De Grauwe, P., (2013): Zin en onzin van een verlaging van de patronale lasten. mimeo

De Grauwe, P. and Ji Yuemei, (2012): Fiscal Implications of the ECB’s Bond Buying Program.

De Grauwe, P. and Ji Yuemei, (2012): More Evidence that Financial Imposed Excessive Austerity in the Eurozone., mimeo

Paul De Grauwe and Yuemei Ji (2012): What Germany Should Fear Most is its own Fear-short, mimeo

Paul De Grauwe and Yuemei Ji (2012): What Germany Should Fear Most is its own Fear, mimeo

Paul De Grauwe (2012): Why the EU summit decisions may destabilise government bond markets, vox

Paul De Grauwe (2012): In Search of Symmetry in the Eurozone, mimeo

Paul De Grauwe and Yuemei Ji (2012): Mispricing of Sovereign Risk and Multiple Equilibria in the Eurozone, mimeo, Jan 2012

Paul De Grauwe (2011): The European Central Bank: Lender of Last Resort in the Government Bond Markets, CESifo, WP No.3569, September

Paul De Grauwe (2011): The Governance of a Fragile Eurozone

Paul De Grauwe (2011): The European Central Bank as a lender of last resort, vox

Paul De Grauwe (2011): Only a more active ECB can solve the euro crisis, CEPS Policy Briefing, No.250, August

Paul De Grauwe (2011): The Governance of a Fragile Eurozone,  CEPS Working Document, No.346, May

Paul De Grauwe (2010): Booms and Busts: New Keynesian and Behavioral Explanations, CESifo Working Papers, 3293

Paul De Grauwe (2010): A mechanism of self-destruction of the eurozone, CEPS commentary

Paul De Grauwe (2010): Not only governments are to blame for exploding government debts, Eurointelligence

Paul De Grauwe (2010): Waarom België (voorlopig) geen budgettair besparingsplan nodig heeft, mimeo

Paul De Grauwe (2010): What kind of governance for the eurozone?, CEPS Policy Briefs

Paul De Grauwe (2010): Why a tougher Stability and Growth Pact is a bad idea, vox

Paul De Grauwe (2010): How to embed the Eurozone in a political union, vox

Paul De Grauwe (2010): Fighting the wrong enemy, vox

Paul De Grauwe (2010): The Greek crisis and the future of the Eurozone, Eurointelligence

Paul De Grauwe (2010): Crisis in the Eurozone and how to deal with it, CEPS Policy Brief No.204, February

Paul De Grauwe (2009): Greece: The start of a systemic crisis of the Eurozone?, vox

Paul De Grauwe (2009): Top-down versus bottom-up macroeconomics, vox

Paul De Grauwe (2009): The case for narrow banking, Eurointelligence

Paul De Grauwe (2009): Dette : l'explosion est-elle gérable ?, telos, October 06

Paul De Grauwe and D. Gros (2009): A New Two-Pillar Strategy for the ECB, CEPS Policy Brief No.191, June

Paul De Grauwe (2009): Government debt is both unsustainable and desirable, CEPS Commentary, June

Costa Storti, C. and De Grauwe, P. (2009): Modelling the Cocaine and Heroin Markets in the Era of Globalization and Drug Reduction Policies, mimeo

De Grauwe, P. (2009): The politics of the Maastricht convergence criteria, vox

De Grauwe, P. (2009): Why should we believe the market this time?, vox

De Grauwe, P. (2008): There is more to central banking than inflation targeting, vox

De Grauwe, P. (2008): Banking crisis-Causes consequences and remedies, mimeo

De Grauwe, P. (2008): Animal Spirits and Monetary Policy, CESifo, WP No.2418, October

De Grauwe, P. (2008): Stock Prices and Monetary Policy, CEPS Working Document No. 304, Sept

De Grauwe, P. (2008): The Euro at Ten, Achievements and Challenges, mimeo, May

De Grauwe, P. (2008): Let’s Stop being Gloomy about Europe, CEPS Working Document, No.293, May

De Grauwe, P. (2008): DSGE-Modelling when Agents are Imperfectly Informed, ECB Working Paper, No.897.

 De Grauwe, P. (2007): Beloften en realisaties van de paarse coalitiepartners, mimeo, May

 De Grauwe, P. (2007): Quo Vadis Europe? Fortress or land of opportunities?, mimeo, April

 De Grauwe, P., Rinaldi, L. and Van Cayseele, P. (2007): Issues of efficiency in the use of cash and cards, mimeo, Mar

 Costa Storti, C., and De Grauwe, P. (2007): Globalization and the price decline of illicit drugs, CESifo WP forthcoming, April

 Paul De Grauwe, Rinaldi, L. and Van Cayseele, P. (2006): Towards a more efficient usage of payment instruments, mimeo

 Alttavila, C., and De Grauwe, P. (2006): Forecasting and Combining Competing Models of Exchange Rate Determination?, CESIfo Working Paper No.1747, June

 De Grauwe, P. and Markiewicz, A. (2006): Learning to Forecast the Exchange Rate: Two Competing Approaches, CESIfo Working Paper No.1747, May

 De Grauwe, P. and C. Costa Storti (2005): Is Monetary Policy in the Eurozone less Effective than in the US?, CESIfo Working Paper No.1606, November

Altavilla, C. and P. De Grauwe (2005): Non-Linearities in the Relation between the Exchange Rate and its Fundamentals,  CESIfo Working Paper No.1561, October

De Grauwe, P. and F. P. Mongelli (2005): Endogeneities of Optimum Currency Areas: What Brings Countries Sharing a Single Currency Closer Together? ECB Working Paper No.468, April

De Grauwe, P.,  R. Dieci and M. Grimaldi (2005): Fundamental and Non-Fundamental Equilibria in the Foreign Exchange Market. A Behavioural Finance Framework, CESIfo Working Paper No.1431, March

De Grauwe, P. and C. Costa Storti (2004): The Effects of Monetary Policy: A Meta-Analyisis, CESIfo Working Paper No.1224, June

De Grauwe, P. and M. Grimaldi (2004): Bubbles and Crashes in a Behavioural Finance model, CESIfo Working Paper No.1194, May

De Grauwe, P. and G. Schnabl (2004): Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe, No.1182, April

De Grauwe, P. and M. Grimaldi (2003): Bubbling and Crashing Exchange Rates, CESIfo Working Paper No.1045, September

De Grauwe, P. and M. Polan (2003): Globalisation and Social Spending, CESIfo Working Paper No. 885

De Grauwe, P. (2003): Stability and Growth Pact in need of reform, CEPS

De Grauwe, P. and Marc-Alexandre Sénégas (2003): Monetary Policy in EMU when the Transmission is Asymmetric and Uncertain, CESIfo Working Paper No. 891

De Grauwe, P. and L. Rinaldi (2002): A Model of the Card Pyment System and the Interchange Fee, CESIfo Discussion Paper No. 796

De Grauwe, P. and M. Grimaldi (2002): The Exchange Rate and Its Fundamentals. A Chaotic Perspective, CESIfo Discussion Paper No. 639

De Grauwe, P. and T. Piskorski (2001): Union-Wide Aggregates versus National Data Based Monetary Policies: Does it Matter for EMU?, CEPR Discussion Paper No. 3036

De Grauwe, P. and I. Vansteenkiste (2001): Exchange Rates and Fundamentals: A Non-Linear Relationship?, CESIfo Discussion Paper No. 577

De Grauwe, P. and M. Polan (2001): Is Inflation Always and Everywhere a Monetary Phenomenon?, CEPR Discussion Paper No. 2841

 

Work in Progress and Presentations

Costa Storti, C., De Grauwe, P., Sabadash, A. and Montanari, L. (2011): Unemployment and drug treatment.    Additional Material

De Grauwe, P. (2010): Top Down Bottom Up Macro

De Grauwe, P. (2008): Keynes'Savings Paradox, Fisher's Debt Deflation and the Banking Crisis, March

De Grauwe, P. and W. Moesen (2008): Gains for all: A proposal for a common euro bond,

De Grauwe, P. (2008): The risks of being Chairman in the Age of Turbulence: Review of 'The Age of Turbulent Adventures in a New World ' by Alan Greenspan, Penguin Books, London England, 2007, 531 pages, Jan

De Grauwe, P. (2007): Annual Lecture - Julian Hodge Institute of Applied Macroeconomics, Jul

De Grauwe, P. (2006): On Monetary and Political Union, May

De Grauwe, P. and A. Markiewicz (2006): Learning to Forecast the Exchange Rate: Two Competing Approaches, February

De Grauwe, P. (2006): What have we learnt about monetary integration since the Maastricht Treaty? January

De Grauwe, P. (2006): Language Diversity and Economic Development, January

Beine, M., De Grauwe, P. and M. Grimaldi (2005): The Impact of FX Central Bank Intervention in a Noise Trading Framework

Altavilla, C. and  P. De Grauwe (2005): Non-Linearities in the Relation between the Exchange Rate and its Fundamentals

De Grauwe, P. (2005): The Eurozone: Problems and Prospects, Presentation at the Colloquium for the 50th Anniversary of the CES, June

De Grauwe, P. and P. Mongelli (2004): Endogeneities of Optimal Currency Areas

M. Grimaldi and P. De Grauwe (2004): Exchange Rates in a Behavioural Finance Framework, January

De Grauwe, P. and M. Grimaldi (2004): A theory of Bubbles and Crashes, February

De Grauwe, P (2003): De toekomst van de industrie in België, October

De Grauwe, P. and G. Schnabl (2003): Nominal versus Real Convergence with Respect to EMU. How to Cope with the Balassa-Samuelson Dilemma, August

De Grauwe, P. and M. Grimaldi (2003): Exchange rate puzzles. A tale of switching attractors, Annual conference of the European Economic Association, Stockholm, August

De Grauwe, P. and M. Grimaldi (2003): Intervention in the Foreign Exchange Market in a Model with Noise Traders, July

De Grauwe, P. and Marc-Alexandre Sénégas (2003): Common monetary policy with transmission asymmetry and uncertainty: Is there a case for using national data in EMU?, June (a follow-up on CESIfo Working Paper No. 891)

De Grauwe, P. (2003): The Challenge of Enlargement of Euroland,  Spring Meeting of Young Economists, Leuven, 4 April

De Grauwe, P. (2002): The Arts, the Market and the State, Lecture presented at the University of Bolzano, 23 April

De Grauwe, P. and C. Costa (2002): Electronic Money and the Optimal Size of Monetary Unions

De Grauwe, P. and M. Grimaldi (2001): Exchange Rates, Non-Linear Dynamics and Chaos, mimeo

De Grauwe, P. and M. Grimaldi (2001): Exchange Rates and its Fundamentals. A New Non-Linear Perspective, mimeo

Costa, C. and P. De Grauwe (2001): Monetary Policy in a Cashless Society, mimeo

De Grauwe, P. and M. Grimaldi (2001): Exchange rates, Prices and Money. A long Run Perspective, mimeo

De Grauwe, P. (1999): Controls on Capital Flows, mimeo

 

Contributions to books

European Monetary Union,   2011, in The New Palgrave Dictionary of Economics, Online Edition, Edited by Steven N. Durlauf and Lawrence E. Blume

Europe for Growth. For a Radical Change in Financing the EU,   2010. (with Jutta Haug, Alain Lamassoure, Guy Verhofstadt, Daniel Gros, Gaëtane Ricard-Nihoul and Eulalia Rubio)

The euro experience and lessons for the GCC currency,   in 'Currency Union and Exchange Rate Issues: Lessons for the Gulf States', Edited by Ronald MacDonald and Abdulrazak Al Faris, 2010.

Some Thoughts on Monetary and Poltical Union,   in 'The Future of EMU', Edited by Leila Simona Talani, 2009.

Returning to Narrow Banking ,  in 'What G20 leaders must do to stabilise our economy and fix the financial system', Edited by Barry Eichengreen and Richard Baldwin, A VoxEU.org Publication, 2008.

The Challenge of Enlargement ,  SUERF Annual Lecture 2007, The European Money and Finance Forum, Vienna, 2007.

Preconditions for a successful euro adoption ,  in Basci, Togan and Von Hagen (eds.), Macroeconomic Policies for EU Accession, Edward Elgar, Cheltenham, 2007.

 

Books

Lectures on Behavioral Macroeconomics, Princeton University Press, 2012.

Dimensions of Competitiveness, CESifo Seminar Series, The MIT Press, 2010.

The Economics of Monetary Union, Seventh Edition, Oxford University Press, 2007.

De Onvoltooide Globalisering, Verkenning van een nieuwe wereld ,  Lannoo en Nieuw Amsterdam, 2007, 238 pp.

The Exchange Rate in a Behavioural Finance Framework ,  (with M. Grimaldi) Princeton University Press, 2006.

Prospects for Monetary Unions after the Euro,  CESifo Seminar Series, The MIT Press, 2005 (editor, with J. Mélitz).

Exchange Rate Economics : Where Do We Stand?  CESifo Seminar Series, The MIT Press, 2005 (editor).

Surviving the Slowdown: Monitoring the European Central Bank, no. 4 (co-author with David Begg, Fabio Canova, Antonio Fatas and Philip R. Lane), 2002 (more information).

The Economics of Monetary Union, Ninth Edition, Oxford University Press, 2012.

 

Last update: 19/10/13
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